The recently completed Alexan Park 82nd Apartments in Doral have been sold for a staggering $156 million. The seller, an affiliate of Trammell Crow Residential, has successfully closed the deal with the buyer, associated with Stockbridge Capital Group.
At $423,913 per unit for a total of 368 apartments located at 8300 Park Blvd., this transaction is considered one of the largest in recent times. According to records, any conversion into condominiums cannot take place until after 2035.
Spanning over four stories and covering a whopping area of 393,188 square feet on an expansive site measuring approximately11.3 acres that was previously occupied by Costco store; these apartments offer units ranging from800 to1 ,364 square feet each.
As reported by South Florida Business Journal,the apartment acquisition market has experienced some slowdown this year due to higher interest rates.However,this particular all-cash deal has managed to close despite these challenges,making it oneofthe most successful transactionsin Miami’s real estate market so far.
